RADAR Sensor Market Size is Projected to Reach $33.14 Billion by 2030 | Growing at a CAGR of 13.1%.
Radar Sensor Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
WILMINGTON, DELAWARE, UNITED STATES, October 12, 2023 /EINPresswire.com/ — Allied Market Research published a report on the Radar Sensor Market By Type (Imaging, and Non-Imaging), Range (Short Range, Medium Range, and Long Range), Application (Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation and Control, and Others), and End User (Automotive, Aerospace and Defense, Environment and Weather Monitoring, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.
The global radar sensor market size was valued at $10.63 billion in 2020, and is projected to reach $33.14 billion by 2030, to register a CAGR of 13.1% from 2021 to 2030.
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Radar sensors use frequency modulated continuous wave radar to constantly detect moving or stationary targets. Higher frequency radar can see a broader array of objects & will be more beneficial than an ultrasonic sensor in maximum applications, including outdoors. Lower frequency radars is well suited for high dielectric objects including trains, cars, cargo, and trucks even in extreme weather condition.
Also, automotive radar sensor is widely used these days for radar-based driver assistance systems such as collision warning and adaptive cruise control. These are capable of recognizing & detecting objects up to 240 meters. For instance, Infineon automotive radar products offer features such as lane change assistance (LCA), blind spot detection (BSD), collision mitigation (CM), among others.
The global radar sensor market is anticipated to witness significant growth during the forecast period. Factors such as safety and security needs in automotive application, and increasing need for border security systems drive the growth of radar sensor market. Also, adoption of the wideband 5G & millimeter wave-based RF systems boost the overall market growth. However, high development & installation cost is a major restraint to the global radar sensor industry. In addition, growing defense sector in Asia-Pacific region is expected to create lucrative opportunities for the market.
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The research report presents a complete judgment of the radar sensor market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
Competitive Analysis:
The radar sensor industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global radar sensor market include,
Honeywell International Inc.
Infineon Technologies
L3harris Technologies Inc.
Lockheed Martin Corporation
NXP Semiconductors N.V
Raytheon Technologies Corporation
Saab AB
STMicroelectronics N.V.
Texas Instruments
Thales Group
Top Impacting Factors
The prominent factors that impact the radar sensor market growth are increase in demand for radar systems in automotive and defense industries, and emerging applications of radar in remote sensing. In addition, surge in territorial battles across globe drives the market growth. However, high cost of radar system restricts the market growth. On the contrary, high investment from developed countries in military sector is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the development of the global radar sensor market during the forecast period.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international radar sensor market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
2) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
3) Major countries in each region are mapped according to their revenue contribution to the global market.
4) Porter’s five forces analysis illustrates the potency of the buyers and the radar sensor market share of key vendors.
5) The report includes major radar sensor suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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Allied Market Research
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